State Bank of India joins Invoicemart as a financier

Friday 8 February 2019 00:38 CET | News

The State Bank of India has joined digital invoice discounting marketplace Invoicemart, as a financier in order to enable MSME lending.

This move is expected to help in unlocking working capital for more than 1,400 MSMEs that are a part of the platform. Launched in 2017, Invoicemart, a. TReDS (Trade Receivable Discounting System) platform is a digital invoice discounting marketplace by a. TReDS, a joint venture between Axis Bank and B2B e- commerce company mjunction services.

Invoicemart platform, which connects MSME suppliers (sellers) and their corporate buyers to multiple financiers, and has crossed USD 283 million in business volumes since its launch. This platform enables discounting of invoices of the MSME sellers raised on large buyers, through a bidding mechanism that ensures financing of receivables at competitive market rates. The platform allows MSME suppliers to avail finance quickly and at competitive interest rates which in turn helps increase their working capital efficiency without impacting their relationship with buyers.

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Keywords: State Bank of India, Invoicemart, financing , e-invoicing, MSME lending, digital invoice discounting marketplace, Asia, APAC
Countries: World